The Institute for Fiscal Studies has published a report today (Tuesday) that shows the most consumers could expect to get from a cut in tariffs is a 1.2% cut in prices: smaller than the 2% price rise that has already been caused by the post-referendum devaluation.

Commenting, Peter Kyle MP, leading supporter of Open Britain, said:

“The claims of Brextremists like Jacob Rees-Mogg that Brexit would lead to a consumer bonanza have been exposed as being as worthless as a Woolworth’s gift voucher.

“The IFS’s research makes it clear: the post-Brexit devaluation of the pound has already cost consumers more than tariff reductions could possibly save.

“Staying in the world’s largest free-trade area and common market as part of the Customs Union and Single Market makes much more sense for consumers and workers alike than buying Mr Rees-Mogg’s Patented Snake Oil.”